There is hereby created the Delaware State Inspire Scholarship Program. Under this subchapter, qualified, college-bound state resident students are relieved of a substantial part of the burden of paying undergraduate tuition at Delaware State University provided that these students meet the criteria set forth in this subchapter and are pursuing studies leading to a bachelor's degree at Delaware State University. Students who qualify under this subchapter shall not have to repay the State because it is the intent and purpose of the General Assembly, through this subchapter, to help ensure that Delaware students stay in high school, excel academically, and have better access to higher education regardless of a family's financial circumstances and therefore payments under this program shall be grants, not loans.